No moat
They underinvested in R&D, and now they're scrambling to integrate the same AI platforms as everyone else. This isn't moat for them.
Canva's game it to get all your company assets managed on Canva. Then try shifting away.
Increasing their price by 300% is making the Adobe Express individual plan look like a steal, and it makes them vulnerable to startups that have a new price ceiling target.